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Terms of Use

(i) That the Consumer acknowledges entering into a lawful broker-consumer relationship with the
Member.

(ii) That all Listing Information obtained by the Consumer from the VOW is intended only for the
Consumer’s personal, non-commercial use.

(iii) That the Consumer has a bona fide interest in the purchase, sale, or lease of real estate of the type
being offered through the VOW.

(iv) That the Consumer will not copy, redistribute, retransmit, or otherwise use any of the data or Listing
Information provided, except in connection with the Consumer’s consideration of the purchase or sale of
an individual property.

(v) That the Consumer will not, directly or indirectly, display, post, disseminate, distribute, publish,
broadcast, transfer, sell or sublicense any Listing Information to another individual or entity. The
prohibited uses expressly include “scraping” (including “screen scraping” and “database scraping”), “data
mining” or any other activity intended to collect, store, re-organize, summarize or manipulate any Listing
Information or any related data.

(vi) That the Consumer acknowledges TREB’s ownership of, and the validity of TREB’s proprietary
rights and copyright in, the MLS® database, TREB’s MLS® System, Listing Information and any related
information.

Semi-detached/Linked - two houses that share a common wall; usually less money than a fully detached home

Duplex: a building zoned for two families

Town House - comprised of several homes with a common style and joined in a row

Condo – you own 100% of the unit and have access to common facilities such as gym rooms, party rooms, and pools. Have to pay condo fees for the building's overall maintenance.

Resale – an older home that may or may not have been renovated and upgraded

New – a home being developed and built where you will be the first owner

Sell your current home

Usually people cannot afford to manage two homes and the associated mortgage payments at the same time

When should you sell?

Seller's market – when there are many people looking for homes, but there are not many available on the market

Buyer's market – when there are many homes for sale, but not many people are buying them

The time of year can also affect how quickly you can sell and buy a property

Winter sales tend to be slower, spring sales are tend to be quicker

If you need to sell fast

Ask a REALTOR® for help establishing a price and for making your home look attractive without making you look desperate.

Sometimes you can time your current home's sale with the future home's purchase

Can make the sale of your home "conditional"

Can try to extend the "closing period" to have more time to find your next home

Smart to enlist a REALTOR® for professional services, just like you would hire a mechanic or dentist

4. Make your budget

Know how much debt you already have

Factor in the extra expenses (chart)

Find out how much you can afford to borrow for a mortgage

Determine how to responsibly manage and pay your living expenses

This is determined using two lending principals.

Gross Debt Service Ratio (GDSR) calculation:
This lending principle simply states that your monthly housing cost should not exceed 32% of your gross monthly family income.

Total Debt Service Ratio (TDSR) calculation:
This lending principle summarizes that your monthly housing cost and payments on all of your other debts (including loans, credit card and lease payments) should not exceed 40% of your gross monthly income.

Our “What You Can Afford” calculator will help you estimate your maximum affordable mortgage payment of principal and interest. Just enter your monthly income and expense amounts, and the calculator will do the rest.

Once you have used the “What You Can Afford” calculator to estimate your maximum monthly total, you can compare this number to the mortgage payments for specific loan amounts.

Simply enter the loan amount in our mortgage calculator and the monthly principal and interest will be figured out for you.

5. Shop for a mortgage

Investigating all of your options is a wise and vital step to securing the buying power to purchase your home.

Who do you talk to?

Banks

Credit unions

Mortgage brokers

Other reputable lenders, etc.

Don’t be money or question-shy! Reliable people that can answer questions include:

Your realtor

Mortgage brokers

Financial advisors

Mortgage terminology you should know:

Mortgage term – the amount of time the bank has agreed to lend you the money; typically from six months to five years; at the end of the term, you can renegotiate

Amortization - the length of time it will take to pay off the whole mortgage, often as long as 25 years. The longer your amortization, the lower your monthly payments, but the more you pay in interest over time.

Interest rates – the cost of borrowing money

Using this mortgage calculator, check the difference between borrowing $100 000 at 6% and at 9% at the same amortization.

That interest rate not only affects how much you pay, it also affects how much you can borrow. So keep searching for the best rate!

What about the down payment?

You want as small a mortgage as possible, which means making the biggest down payment you can afford. However, remember to set money aside for all the fees associated with buying a home. Not to mention moving, repairs, renovations, new furniture...think and plan ahead.

The First-time Home Buyers’ Plan

If you're a first-time homebuyer with an RRSP, you can withdraw up to $25,000 without paying any income tax. If your spouse is also eligible, that's $50,000. Ask your REALTOR® how to take advantage of this plan.

Should you lock into an interest rate? For how long?

It's a tough question because nobody knows the future. What if you “lock in” for five years and the rate goes into a period of decline? You could be stuck paying more than the going rate for a long time. But if rates steadily climb over the next five years, locking in now would be a great move. Your REALTOR® can provide great advice and work out these scenarios for consideration.

What you need to apply for a mortgage

Letter of employment confirmation – include your position, your pay, and how many years you’ve worked with the company

Application fee – sometimes charged to process your mortgage application; ask to see if it can be waived

Appraisal Fee – if the proposed home needs an appraisal, the cost is often passed on to you. Ask your lender if they will waive this fee as well.

Mortgage broker’s fee – s/he may charge a fee that is payable on the closing date. Check into it to avoid surprises.

Land survey fee – lenders may require a survey of your property, even if it's an existing one. Get your lawyer to take care of this.

Home inspection fee – because this is one of your biggest financial investments, avoid surprises and protect yourself with a proper home inspection that looks for hazards and major problems

Home insurance – your lender will require fire and extended coverage insurance because your home is the security deposit on the mortgage.

Title insurance – not mandatory, but protects you from potential errors and/or fraud surrounding the land title. Ask your lawyer for details.

Legal Fees – payment for your lawyer’s services and "disbursements" which are the costs involved in title searches, drawing up the title deed, and preparing your mortgage.

Adjustments - the previous owner may have paid property tax or utilities in advance, and they want to be credited for those payments. Ask your REALTOR® and lawyer what might come up on the closing date.

Maintenance and utility costs – when you buy a property, you are responsible for regular monthly payments in the form of property tax and utilities.

GST/HST and new homes – GST/HST does not apply to resale homes. However, new homes are subject to this tax. Consult your REALTOR® and/or lawyer for more information.

Realtor commissions and/or fees – these are subject to GST/HST

Find and work with a reliable REALTOR®.

These dedicated individuals work hard to ensure your property investment is a solid one. They're an invaluable resource for knowledge, contacts and advice that help turn buying a property into your future home.

Single Agency – in this relationship, the REALTOR® represents you exclusively.

This means the REALTOR®'s primary obligation is to act only in your best interest. Anything you tell your REALTOR® agent is strictly confidential. The REALTOR® also has an obligation to disclose to you any information he or she has that is related to the transaction.

Dual agency - refers to the situation where the REALTOR® represents both the buyer and the seller as agent at the same time.

Both parties are required to sign a dual agency contract setting out the obligations of the REALTOR® to both parties, and obtaining the agreement to this type of representation from all involved.

Non-agency

It is possible for a REALTOR® to work with you without being your agent. In this case, the REALTOR® can give you information, but cannot provide you with advice.

In this scenario, nothing you say to a "non-agent" is confidential, so be careful about what you confide. As a buyer you will likely want your REALTOR® to act as your agent.

Remember, the REALTOR® Code requires REALTORS® to disclose the nature of the relationship they have with you, and the duties and obligations associated with that relationship. Make sure you have this discussion with your REALTOR®.

By federal law, your REALTOR® is required to complete a client identification form, and must ask you as a buyer for verified ID such as a driver's license or passport. Find out more on the FINTRAC web site at http://www.fintrac-canafe.gc.ca

See what’s out there

Now it's time to see what's available. This step can be fun or exhausting. But with an expert REALTOR® helping, you'll be able to sift through to your dream home much more effectively.

Save time and plan your real estate outings

Read the real estate ads in local papers

Work with your REALTOR® to decide which neighbourhoods are favourable

Take note of schools, shopping, and recreational areas

Look for “not-great” areas such as industrial parks, railway tracks, and airports

Visit during the day and night

Take advantage of open houses

Ask questions!

Welcome to the wonders of www.REALTOR.ca

REALTORS® have access to house-hunting tools called MLS® Systems, operated by real estate boards across Canada. You can view publicly available information about MLS® listings at www.REALTOR.ca.

Most listings have multiple photos, and some even have 360-degree views. With the interactive mapping feature, it’s fast and easy to zero in on your favourite available homes.
A REALTOR® can help you stay on track with what you can afford.

While visiting a potential home is thrilling, don't be distracted from your real goal, finding a home that meets all your needs and fits your budget.

Bring this House Hunting Checklist to homes you're serious about buying. Good luck and happy hunting!

Home shopping can be daunting and complex. With a REALTOR® at your side, it’s easier to stay focused and on track. Remember, a REALTOR® works for you and must, by law, look after your best interests.

Make an offer

When you find the perfect property, it’s time to begin the process of making it yours. You have to make a successful offer, one that the seller will accept.

Prepare your offer

Your REALTOR® can prepare the offer for you. Here are some terms you'll see:

Buyer – that’s you

Seller – the present owners of the property

Purchase price – the amount of money you propose to pay for the property

Deposit - A cheque you write to the seller or the seller's broker. This is your way of saying 'my offer is serious'. The size of the deposit is up to you.

Chattels and fixtures included – find out whether the property’s “extras” such as the washer, dryer, draperies, and light fixtures are included as part of the property sale. Don’t leave this to chance.

Irrevocability of the offer – the length of time you give the seller to consider your offer; usually less than 48 hours.

Completion date – the official day you take possession; can be 30-60 days after signing the final sale papers.

Clauses particular to this agreement – conditions that must be met for the sale to proceed; ie: a thorough home inspection

Your REALTOR® can help ensure no details are overlooked in your offer.

Submitting the offer

You’ve signed the paper work and your REALTOR® has submitted your offer to the seller. Two things can happen. The seller can either accept or reject your offer.

Rejected offers are common, and your REALTOR® can investigate why the offer was turned down.

The seller can also submit a counter-offer to you. This means they want to alter some part of your original offer – usually it’s the price and they will ask for a higher amount.

It’s now your turn to consider whether or not to accept the counter-offer.

Find a reliable home inspector

When buying a home, scrutinize every last detail. Home inspections rarely cost more than a few hundred dollars, and can save you from unpleasant surprises and long-lasting regrets. Your REALTOR® can provide contact for reliable home inspection companies.

You may want to make a satisfactory home inspection part of your conditional purchase offer.
If the seller does not want to allow a home inspection, be very cautious about proceeding with your offer.

Work with a qualified home inspection professional. Ask for credentials or membership with a recognized professional organization.

Home inspectors typically check:

Plumbing and electrical systems

The condition of the roof

Visible insulation, walls, ceilings, floors, and windows

The foundation’s integrity

The presence of lead paint, asbestos, mould

Out dated and dangerous electrical wiring

Evidence of pests such as mice, squirrels, racoons, or termites

Be part of the inspection. You may join the inspector as s/he goes through the property. If problems are detected, you’ll see them firsthand and get some maintenance advice from a pro.

Get the inspection report in writing. The inspector will prepare and deliver a summarized review of the property’s condition.

New homes should be inspected, too. A new house does not equal perfect, and construction quality can vary greatly. In some provinces, repairs in new homes may be covered by a government or industry-sponsored warranty program. Bad news doesn't necessarily mean it will cost you.

Buying a home can be overwhelming. Yet, with a REALTOR® at your side, it doesn't have to be daunting. Remember, a REALTOR®', works for you and must, by law, look after your best interests. So learn how REALTORS® can help you through this process.

Add a lawyer to your team.

Buying a home is a legal transaction. Therefore, it helps to have someone to translate the “legal lingo” and ensure your best interests are protected.

Finding a lawyer

There are many experienced real estate lawyers available. Ask your REALTOR®, family, friends, and co-workers for recommendations. Be sure to find out how the potential lawyer structures his/her fees and ask for an estimate of the legal costs you can expect.

How your lawyer can help

Buying and selling property requires many legal steps to transfer ownership from one person to another. Your lawyer is working to ensure your legal property transfer is a smooth one and avoids pitfalls like fraud, government legislation, zoning issues, and unpaid taxes.

Don’t be scared of your lawyer

S/he is your legal advisor so ask questions if you don’t understand something. Explaining legal jargon if a big part of their job

Close the purchase deal

It will be exciting when your offer is accepted. However, you still have to close the deal. Your REALTOR® and lawyer will do most of the closing work, but here's the checklist.

Immediately take care of any agreement conditions that require action on your part. Your REALTOR® can fill out the documents stating that the conditions have been met.

Ask your lawyer to begin the property’s title search. This could take a while, so allow lots of time.

Arrange for your homeowner’s insurance to be effective on your closing date. Your insurance broker will give you a 'binder' letter certifying that you're covered. You can't get a mortgage without this letter

Finalize your mortgage documents with your lender. Have your lawyer review them before you sign.

Your lawyer will transfer essential utilities like hydro and water. However, you have to contact telephone and cable companies to connect their services to your name at the new property address.

If you rent, give notice to your landlord or arrange to sublease your apartment.

Fill out a change of address card at the post office and send out your new address information. Contact the Ministry of Transport about updating your driver's license.

Walk through your new home one more time with your REALTOR®.

Meet with your lawyer to finalize and sign the closing documents. Your lawyer will tell you in advance what certified cheques you'll need to seal the deal.

Move in

Plan, prepare, and purge. Help make your moving day go smoothly by starting preparations and packing as soon as possible.
Your “closing date” is the day the property is officially transferred to you. However, it may not be wise to move in to the premises on this date. Schedule the actual move on a convenient day after the closing date. Professional movers and truck rental companies may give a discount for a mid-week or mid-month moves.

Go with an established, insured mover, so your items are protected and your possessions arrive safely and intact.

Start early and pack it yourself. Nobody will take the same care as you. Start early and work at it every day. Clearly label all your boxes by room so the movers know where you want them placed. Label anything that is fragile.

Do you still need it?

A new home is a chance to purge stuff you don’t need anymore. If you haven’t used it or worn it in the last year, you probably don’t need it. Have a garage sale or give those extra items to charity.

After the move

Once the boxes are mostly unpacked, and you’ve settled into your new home, you may have the urge to start renovating and making changes. Don’t rush. Take time to get used to your surroundings and work out a budget for updates

Q1: What's the difference between a real estate agent and a REALTOR®?

The terms "REALTOR," and "real estate agent" are not interchangeable. The term REALTOR is a registered certification that identities the quality of services rendered by licensed real estate agents who are members of The Canadian Real Estate Association (CREA). All real estate agents are not REALTORS, but all REALTOR members are real estate agents.

REALTOR members are committed to a strict code of ethics known as the REALTOR Code, and are the only ones who have the right to list your property on the MLS Systems of their local real estate boards. To correctly be referred to as a REALTOR, a real estate agent must be a member of CREA.

Q2: What questions should I ask when looking for a REALTOR?

Here are 10 smart questions to ask.
1. How long have you been in the business?
2. What is your average list-to-sales-price ratio?
3. How will your marketing plan meet my needs?
4. Will you provide references?
5. What separates you from your competition?
6. May I review documents that I will be asked to sign?
7. Can you help me find other professionals?
8. How much do you charge?
9. What if I'm unhappy with the service?
10. What haven't I asked you that I need to know?
Remember, your REALTOR should be willing to answer any questions you have. After all, that's why you hire the pros.

Q3: How do I figure out what mortgage I can afford?

Determining your mortgage amount is based on a simple calculation of loan amount, down payment, interest rate, and amortization period.

A rule when figuring your monthly housing cost is that it should not exceed 32% of your gross monthly family income or 40% of your gross monthly income. Visit our Mortgage Calculator, plug in a few numbers, and see what you end up with.

Q4: Why should I hire a REALTOR?

You're trusting a REALTOR with your most valuable possession, your home. REALTORS take this responsibility very seriously. Here's what we promise you.

A realtor must be registered under provincial laws that govern exactly how real estate can and cannot be traded. This ensures your realtor does everything by the book. These regulations are your legal guarantee of professional behavior.

Your realtor is an ethical business person who adheres to the extensive Code of Ethics of the Canadian Real Estate Association. Several provinces have additional codes governing real estate professionals. Your interests must always be put first.

Opportunity for recourse

Should you have concerns about the professional behaviour of a realtor, provincial regulator and your local real estate board or association take these matters seriously and work quickly to resolve issues.

Your realtor has access to a local board’s MSL system. This system is the most powerful tool for buying and selling your home. Your realtor can provide you with exclusive features of the MLS system such as new property notifications.

Q5: What should I expect when I enlist the help of a REALTOR to sell my house?

Help you get the best price for your home

Remove the stress and confusion from the legal process

When you sign a "listing agreement" with your realtor, you are agreeing to the terms and conditions of the relationship with your Realtor.

Realtors know how to advertise to and attract potential buyers.

As an expert home promoter, s/he is connected to a network of agents and their buyers. Only your realtor can place ads for your home on the MLS system for others to see.

Realtors can increase the value of your home by pointing out areas you can quickly improve that will make it more attractive to buyers.

Realtors regularly study the housing market to stay current of what is happening and how to price your home for maximum return.

They keep track of the deals in progress and are great negotiators. When frustration sets in, Realtors are experts at smoothing things out.

Do I really need a Realtor to sell my home?

Many people have tried to be independent when it came to selling their home, and eventually they turned to a realtor.

Why?

The process is overwhelming, time-consuming, legally complex, and financially perilous.

Realtors are experts. They know the market, they're prepared to advertise your home on a number of forums, they know how to navigate the legal process, and they have the time, since it is their full-time job after all.

People who try to sell their home without a realtor must be prepared. Otherwise, they could make costly mistakes like setting a price that is too low or too high.

When a price is too low, the seller loses money on the sale. When the price is too high, buyers will not be interested.

When an offer does come in, realtors are experts at negotiating and keeping the lines of communication clear and professional.

Q: What's the difference between a real estate agent and a REALTOR®?

"REALTOR®" and "real estate agent" are not interchangeable, although some real estate agents might like them to be. The term REALTOR® is a registered certification mark that identifies the quality of services rendered by licensed real estate agents who are members of The Canadian Real Estate Association (CREA). All real estate agents are not REALTORS®, but all REALTOR® members are real estate agents.
Read More

Q: How do I figure out what mortgage I can afford?

Determining the mortgage you can carry is based on a relatively simple calculation of loan amount, down payment, interest rate and amortization period. A good rule of thumb when figuring your monthly housing cost is that it should not exceed 32% of your gross monthly family income or 40% of your gross monthly income.
Read More

Q: What questions should I ask when looking for a REALTOR®?

Here are 10 smart questions to ask. But remember, this is just a starting point. Your REALTOR® should be willing to answer any questions you have. After all, that's why you hire the pros.
How long have you been in the business?
What is your average list-to-sales-price ratio?
How will your marketing plan meet my needs?
Will you provide references?
What separates you from your competition?
Read More

Q: Why should I hire a REALTOR®?

You're trusting a REALTOR® with your most valuable possession, your home. REALTORS® take this responsibility very seriously. Here's what we promise you:
1. Your REALTOR® is a trained professional REALTORS® take extensive pre-licensing courses in order to obtain credentials for practicing in real estate.
Read More

Q: What should I expect when I enlist the help of a REALTOR® to sell my house?

REALTORS® help you get the most for your home and they remove stress and confusion from the process. Here are just some of the advantages.
Your REALTOR® becomes your home's champion When you sign a "Listing Agreement" with your REALTOR®, this is their promise that he or she will use all their skills and resources to get the most for your home.
Read More

Q: Do I really need a REALTOR® to sell my home?

Many people who try to sell their own home end up using a REALTOR® in the end anyway. Before anybody decides to fly solo through this complex, time consuming and financially perilous process, they should consider these questions.
Will you really "save" the real estate commission?
When buyers see a home for sale 'by the owner', they see a bargain. They imagine the REALTOR®'s fee going into their pocket, not yours.
Read More

Mississauga

Toronto

Vaughan

Home buying can be a daunting and complex process, which is why you should always have the help of a REALTOR® at your side. Remember, a REALTOR® works for you and is there to look after your best interests. Take a few minutes and all the ways a REALTOR® can help you succeed with the biggest purchase of your life.

1. Make sure you're ready to buy
If you're thinking of buying a home, you've come to the right place. This website can fully prepare you for the home-buying process. Before we jump right in, you have to make sure that, it's the right time for you to buy. A REALTOR® can help take care of the rest.

Are you ready? Be sure

Few joys can match the pride of owning the roof over your head, but you will have to make some sacrifices. There's the obvious financial responsibility, but your home will also require constant care. That's what real pride of ownership is all about.

Is your bank account ready? Check it twice

Your first home will be the biggest financial obligation you've ever faced, so do it right with the help of a REALTOR® and avoid regretting taking on more than you should. It is ideal to have saved up some money and manage any ongoing debts. In a couple steps, you can determine how much you can afford.

Is right now a good time to buy?

Markets go up, markets go down and even the smartest experts can't accurately predict when a market will peak or bottom out. If you're buying a home as a long-term investment (and for long-term enjoyment), you should be protected from short-term changes in the market. Pick a home that meets the needs of you and your family. Then you'll enjoy living in your investment as it grows in value.

2. Decide what you want to buy

Nowadays, there are many different types of homes to choose from. Without the help of a REALTOR®, you may end up in a neighbourhood that doesn't suit your needs. Take a minute to reflect on your lifestyle, and based on that, decide what best fits you. To help, we've broken down the most popular housing options here.

First, decide where you want to live

Urban

If you're leaning towards the big city, a REALTOR® can help you consider each factor. Sure the prices are generally higher, but you can walk to a restaurant, maybe even to work. You'll also have the widest range of housing options.

Suburban

Newer schools, modern shopping centres, bigger yards, and bigger homes are just a few of the reasons why so many people love the suburbs.

Smaller Cities and Towns

Smaller cities and towns in Canada are dotted with thousands of wonderful self-contained communities, and compared to the big city, you can save a bundle.

Rural

Live rural if you're partial to the idea of owning land. How nice would it be to own a few acres all to yourself? Seclusion is not for everybody, but for some, it's heaven.

Next, decide what type of home you want

By now, you probably have a good idea of what type of home is right for you. To familiarize yourself with the terminology, here's a quick overview:

Single-family detached:

As the name implies, the home is not attached to the home next door. Styles range from a single-story suburban bungalow, to a three-story Victorian.

Semi-detached or linked:

Two houses that share a common wall. Usually less money than a fully detached home.

Duplex:

A building zoned for two families.

Town house:

Also known as terrace or row housing. Several homes with a common style and joined in a row. They usually share walls on both sides.

The condo alternative

How Condos are owned

You'll own 100% of your unit, and a share of the common areas. Common areas include the necessary plumbing, electrical systems, hallways and elevators. They may also include lots of fun stuff like a private gym or party room.

Condo fees. Membership has privileges - and costs

On top of your mortgage and property taxes, condo owners also pay a monthly fee to operate and maintain the common areas. Be sure to look into condo fees, and how well they're managed, before signing anything.

Resale: Previously-loved

Nothing can match the charm and character of an older home. As a bonus, the previous owner may have made improvements and upgrades and you get them with the house, usually for less than the cost of putting them in yourself. However, some may have a little too much 'character', like a leaky roof. Know what you're getting into.

New

If you're having a new home built from the bottom up, carefully examine the property, the blueprints and visit other homes built by the same company. Have your REALTOR® and/or lawyer review everything before you sign. While your home is being built, stay on top of the process. And remember, you have a legal right to make a full inspection of the house before you accept it as complete.

You know what you want, but let's talk needs

Are you getting out of a two-bedroom apartment because it's too small? Then your new home should have at least three bedrooms, and probably a second bathroom. REALTORS® call these must-have features "needs". Features you'd like to have are called "wants". Your strategy should be to find a home within your price range that fulfills all or most of your 'needs', and as many of your 'wants' as possible. To help you with this, we've supplied you with your very own Dream Home Checklist. Download it here

3. Sell your current home

Not very many people can hold onto two homes at the same time, so you'll probably need to sell the one you have now. Be sure to check our incredibly helpful Selling section. In the meantime, here's a quick overview.

When should you sell?

Buyer's and seller's markets explained

When there are lots of people looking for homes but not many for sale, it's called a 'seller's market'. When there are lots of homes for sale and not many people buying them, it's called a 'buyer's market'.

Wait for the market to improve?

If you're selling one home and buying another, you don't really have to worry about playing the market. If you sell your existing home for a 'low' price, you're probably also buying at a low price.

Seasonality. Do home sales get frostbite?

It's true. Winter sales tend to be slower, and spring sales are brisker. If you need to sell fast, ask a REALTOR® for help establishing a price and making your home look attractive without making you look desperate.

If you need to sell fast

Ask a REALTOR® for help establishing a price and for making your home look attractive, without making you look desperate.

Buy first or sell first? The eternal question

Many people are able to time their sale and purchase so they happen on the same "closing date". As a buyer, you can make your offer "conditional" on the sale of your existing home, so you're not paying for the upkeep of two homes. Or when selling, you can try to extend the "closing period" to give yourself more time to find your next home.

Sell with a REALTOR®, or go it alone?

In the same way that many people decide not to fix their own cars or do their own dental work, it's wise to enlist a professional when selling your most valuable asset. Real estate transactions are complex, time consuming and involve a lot of legal documentation. Your REALTOR® is knowledgeable and highly motivated to help you get the most for your home. Before flying solo, truly know what a REALTOR® can offer.

Home buying can be a daunting and complex process. But with a REALTOR®', at your side, it doesn't have to be Remember, a REALTOR® ', works for you and is there to look after your best interests So take a few minutes and learn how a REALTOR® ', can help you find what you're looking for.

4. Figure out how much you can afford

Before you start looking for your dream home, let's find out how big you can dream. Knowing your true budget is the first and most important step in buying a home.

A home is a big purchase

It's probably the most expensive thing you'll ever buy, and there are lots of expenses you might not even know about. Some of them include:

Cost of buying a home =

One Time Costs

+ Monthly Costs

Down payment

Mortgage

Legal fees

Utilities

Title insurance

Maintenance

Inspection fees

Insurance

Property Transfer

Property taxes

Taxes

Everybody's total costs are different, but it's almost guaranteed you won't have that much money saved up. Hopefully you have enough for a nice down payment, but for the rest...

Yes, you need a mortgage. So determine how much a bank will lend you

Head over to the next step where you'll find helpful tips on arranging your mortgage. But the first step in determining how much a bank will lend you is to understand how much you can afford each month. This is determined using two lending principals.

Gross Debt Service Ratio (GDSR) calculation:

This lending principle simply states that your monthly housing cost should not exceed 32% of your gross monthly family income.

Total Debt Service Ratio (TDSR) calculation:

This lending principle summarizes that your monthly housing cost and payments on all of your other debts (including loans, credit card and lease payments) should not exceed 40% of your gross monthly income.
Our What You Can Afford calculator will help you easily estimate your maximum affordable mortgage payment of principal and interest. Just enter your monthly income and expense amounts, and the calculator will do the rest.
Once you have used the What You Can Afford calculator to estimate your maximum monthly total, you can compare this number to the mortgage payments for specific loan amounts. Simply enter the loan amount in our mortgage calculator and the monthly principal and interest will be figured out for you.

5. Arrange a mortgage
Money makes the world go round, and a mortgage gives you the power to buy a home. This isn't the most fun step in buying a home, but it's vital.

Who do you talk to?

There are hundreds of banks, credit unions and other lenders out there who would love your monthly mortgage payments. So talk to everybody and don't be money-shy! Talk to your banker, other banks and people you know. A REALTOR® can be very knowledgeable about mortgages and can give advice that will help you complete your purchase with no regrets.

Call a mortgage broker

Mortgage brokers are another great resource. They find low rates for a living, and they usually don't get paid unless you sign a mortgage through them, so they're highly motivated to get you the best deal.

Your best mortgage might be the seller's mortgage

Often, you can take over or 'assume' the seller's mortgage. This is a great idea if the seller is locked into a lower interest rate than you can get right now. Your REALTOR® may have additional information.

Mortgage terminology

Mortgage term:

Refers to how long the bank has agreed to lend you the money - typically from six months to five years. At the end of the term, you usually renegotiate a new term.

Amortization:

The length of time it will take to pay off the whole mortgage, often as long as 25 years. The longer your amortization, the lower your monthly payments, but the more you pay in interest over time.

Interest rates:

Interest is the cost of borrowing money, and the interest rate tells you exactly how much. Using this mortgage calculator, check the difference between borrowing $100 000 at 6% and at 9% at the same amortization. Surprising, no?
That interest rate not only affects how much you pay, it also affects how much you can borrow. So keep searching for the best rate!

How big a down payment?

You want as small a mortgage as possible, which means making the biggest down payment possible. Just remember to set money aside for all the fees associated with buying a home. Not to mention moving, repairs, renovations, new furniture... think ahead.

The Home Buyers' Plan - A little sweet relief

If you're a first-time homebuyer with money in an RRSP, you can withdraw up to $25,000 without paying any income tax. If your spouse is also eligible, that's $50,000. Ask your REALTOR® how to best take advantage of this plan.

Lock into an interest rate? For how long?

It's a tough question. What if you 'lock in' for five years and the rate goes into a period of decline? That could mean you're stuck paying more than you had to for a long time. But if rates were to steadily climb over the next five years, locking in for five years now would be a great move. Your REALTOR® can provide great advice in every situation so you don't have to second-guess yourself.

What you need to apply for a mortgage

Letter of employment confirmation

(include your position, your pay and how many years you've been with the company)

List your assets

(your car, stocks, bonds, GICs, etc)

List your liabilities

(car payments, student loans, credit card debt, etc)

Social Insurance Number

Your chequing account number

Your lawyer's contact information

Information about the house you want to buy

Don't forget these extra costs

Application fee:

Some mortgage lenders charge a fee to process your application. But ask to see if you can get it waived.

Appraisal fee:

Your mortgage lender may need to have your new home appraised by a professional, and they often pass the bill on to you. Sometimes your lender will also waive this fee.

Lenders may require a survey of your property, even if it's an existing survey. Get your lawyer on the case.

Home inspection fee:

A home inspection is so important, we devoted an entire step to it. Avoid surprises and protect yourself... this is money well spent.

Home Insurance:

Mortgage lenders require you to carry fire and extended-coverage insurance because your home is the security deposit on the mortgage. Often you can have these payments added to your monthly mortgage payments. Shop around.

Title insurance:

It's not mandatory, but protects you from all sorts of fraud and potential errors surrounding the title to your land. Ask your lawyer for details.

Legal fees:

You'll pay your lawyer for their invaluable time and "disbursements" which are the costs involved in title searches, drawing up the title deed, and preparing your mortgage.

Adjustments:

The previous owner may have paid property tax or utilities in advance, and they want to be credited for those payments. Ask your REALTOR® and lawyer what might come up on the closing date.

Maintenance and utility costs:

Remember, you'll now have more regular monthly payments in the form of property tax and utilities.

Property Transfer Tax:

The amount of this tax varies from province to province.

The GST/HST and new homes:

Resale homes don't involve GST/HST, but new homes do. If you intend to live in your new home (instead of renting it out) there is some relief. Consult your REALTOR® and/or lawyer for more information.

REALTOR® Commissions or fees?

REALTOR® commissions or fees are subject to GST/HST.

Home buying can be a daunting and complex process But with a REALTOR®', at your side, it doesn't have to be Remember, a REALTOR®', works for you and must, by law, look after your best interests So take a few minutes and learn how a REALTOR®', can help you find what you're looking for.

6. Find a REALTOR®? who is right for you
REALTORS® aren't just people who help find you a home. They're an invaluable resource for knowledge, contacts and advice that help turn buying a piece of property into a home. Here we explain what you can expect when you enlist the help of a REALTOR®.

There are a number of different kinds of relationships that you can develop with your REALTOR®. However, they all fall primarily under two categories - agency relationships and non-agency relationships.

Agency

Single Agency

An agency relationship is one where the REALTOR® represents you exclusively. In that respect, the REALTOR®'s primary obligation is to you, and they are required to act only in your best interests. Anything you tell your REALTOR® agent is strictly confidential, and the REALTOR® has an obligation to disclose to you any information he or she has that is related to the transaction.

Dual agency

Dual agency refers to the situation where the REALTOR® represents both the buyer and the seller as agent at the same time. In this case, both parties are required to sign a dual agency contract setting out the obligations of the REALTOR® to both parties, and obtaining the consent of the parties to this type of representation.

Non-Agency

It is possible for a REALTOR® to work with you without being your agent. In this case, the REALTOR® can give you information, but cannot provide you with advice. There is a big difference between these two concepts. Nothing you say to a "non-agent" is confidential, so you have to be careful what you confide. As a buyer you will likely want your REALTOR® to act as your agent, but that decision is up to you.
Remember, the REALTOR® Code requires REALTORS® to disclose the nature of the relationship they have with you, and the duties and obligations associated with that relationship. Make sure you have this discussion with your REALTOR®.

Selecting a REALTOR®

There are lots of ways to find a REALTOR®. As you drive through prospective neighbourhoods, jot down the names and numbers of REALTORS® on the For Sale signs. Open Houses are a great way to meet face-to-face. Maybe friends or family members have a REALTOR® they love. If you are browsing properties on REALTOR.ca, you can also contact a REALTOR® directly through that web site. Interview two or three and pick the one you think will be your best "business" partner.

How REALTORS® can help buyers like you

A REALTOR® can review your list of wants and needs to help you determine your price range, as well as answer questions about the markets you're interested in and help you compare homes and neighbourhoods.

Use the local real estate Board's MLS® System

Your REALTOR® can give you access to exclusive features of an MLS® System that the public is not privy to. Preview properties with the help of a REALTOR® to ensure you're only shown homes that meet your needs and budget. They can also make appointments and walk you through potential homes, answer all your questions, and give up-to-the-minute information on financing. They can help explain your mortgage options, negotiate with the seller, smooth out any potential conflicts, and draw up a legally binding contract. If you take on more than you should, you may overlook important steps. Work with a REALTOR® and get the best possible outcome.

Stick with your REALTOR®

Your REALTOR® can become an expert on your specific needs and tastes. Scattering your time and energy amongst multiple REALTORS® will work against your goal of finding your best home. And because most REALTORS® have equal access to the same property listings, there's no real advantage to having multiple REALTORS®.

Canada's money laundering reporting requirements

No matter which REALTOR® you select, he or she will advise you of reporting requirements by FINTRAC, the federal agency responsible for administering Canada's Money Laundering and Terrorist Financing legislation and regulations. Your REALTOR® is required by federal law to complete a client identification form, and must ask you as a client (buyer) for verified ID such as a driver's license or passport. You can find out more on the FINTRAC web site at http://www.fintrac-canafe.gc.ca.

7. See what's out there
Now's the time to pound the pavement and see what's available. This step can be either incredibly fun or incredibly exhausting. But with an expert REALTOR® at your side, you'll be able to sift through to your dream home much more effectively.

Read and see all about it

Start reading real estate ads in local papers. Your REALTOR® can take you to areas you're considering to get a feel for them. Make note of surrounding schools, shopping, and recreational areas. Keep an eye out for not-so-great things like large industrial areas, railway tracks and airports. Visit during the day and at night.

Open Houses, come on in

'Open Houses' are a great way to see inside the homes of your potential neighborhood. If a REALTOR® is hosting the open house, he or she probably knows the local market inside and out, and will be happy to answer your questions  don't be afraid to ask!

Welcome to the wonders of www.REALTOR.ca

REALTORS® have access to incredible house-hunting tools called MLS® Systems, which are operated by real estate Boards across Canada. You can view publicly available information about MLS® listings at www.REALTOR.ca. Your REALTOR® can start sending you listings of potential homes right away. Most listings will have multiple photos, and some even have moving 360-degree views! And with the interactive mapping feature, you'll be amazed how fast and easy it is to zero in on your favourite few homes.

A REALTOR® can help you stay on track with what you can afford

Walking through a potential home is a thrill, but try not to lose your head. Don't let a giant kitchen island or swanky hot tub distract you from your real goal, finding a home that meets all your needs and fits your budget.
Arm yourself with this House Hunting Checklist and bring it with you to homes you're serious about buying. Good luck and happy hunting!

Home buying can be a daunting and complex process But with a REALTOR®', at your side, it doesn't have to be Remember, a REALTOR®', works for you and must, by law, look after your best interests So take a few minutes and learn how a REALTOR®', can help you find what you're looking for.

8. Make an offer
You've found a home? Congratulations! Now, if you actually want to make it yours, you have to make a successful offer, one that the seller will accept.

Preparing the offer

REALTORS® can prepare the offer for you. Here are some terms you'll see in the offer.

Buyer:

That's you.

Seller:

The present owners.

Purchase Price:

The most important number. Let's hope the seller goes for it!.

Deposit:

A cheque you write to the seller or the seller's broker. This is your way of saying 'my offer is serious'. The size of the deposit is up to you.

Chattels included and fixtures:

Be sure you know what is included with the housethe washer and dryer, the microwave, draperies, light fixtures. Don't leave anything to 'chance'.

Irrevocability of the offer:

The length of time you give the seller to consider your offer. Usually less than 48 hours.

Completion date:

The glorious day you take possession! Often 30 or 60 days after signing.

Clauses particular to this agreement:

Every transaction is unique, and you may want to add conditions that are important to you, such as a proper home inspection.

Your REALTOR® can help ensure no details are overlooked in your offer.

Submitting the offer

You've signed on the dotted line and your REALTOR® has provided your offer to the seller.

The seller can accept your offer

Fantastic, when do you move in?

The seller can reject your offer

It's not common for an offer to be completely rejected. If it was, your REALTOR® can investigate why and see if there was some misunderstanding.

The seller can 'sign back' or counter your offer

The seller wants to alter some part of your offer  most likely the price. The seller will cross out the price on your offer and write a higher number, or delete or alter some conditions. Now it's your turn to sign back with any additional changes or your acceptance of the counter offer. Good luck!

9. Find a home inspector
When you're buying a home, you'll want to scrutinize every last detail. Home inspections rarely cost more than a few hundred dollars, and can save you from unpleasant surprises and long-lasting regrets. Your REALTOR® can help recommend several home inspection companies to choose from.

You may want to make a conditional offer based upon a satisfactory home inspection

This is an increasingly standard condition on any resale home. If the seller doesn't want you closely examining the home before you take possession, you have to wonder why.

Go with a qualified professional

Make sure your inspector is a member of a recognized professional organization. It helps provide some assurance they have the training and experience for the job.

What will they check during the inspection?

Lots of stuff. Plumbing and electrical systems, the roof, visible insulation, walls, ceilings, floors, windows and the integrity of the foundation. They also check for lead paint, asbestos, mould, outdated and dangerous wiring, and evidence of pests like mice or termites.

Join the inspection

Get up close and familiar with your new home. If any problems are detected, you'll see them firsthand, and learn some maintenance tips from a pro.

You'll get it in writing

Their report will summarize the condition of your home.

Home inspection for a new home?

New does not equal perfect, and construction quality can vary greatly from builder to builder. In some provinces, repairs and corrections in new homes may be covered by a government or industry-sponsored warranty program. Bad news doesn't necessarily mean it will have to cost you.

Home buying can be a daunting and complex process But with a REALTOR®', at your side, it doesn't have to be Remember, a REALTOR®', works for you and must, by law, look after your best interests So take a few minutes and learn how a REALTOR®', can help you find what you're looking for.

10. Add a lawyer to your team
Buying a home involves piles of legal documents. You need someone to translate the 'legalese' and ensure your best interests are protected. If you go it alone, you could get buried in paperwork. It's best to have a REALTOR® help you through it.

Finding a lawyer

There are lots of experienced real estate lawyers out there. Ask your friends or co-workers. REALTORS® will happily give you the names of several lawyers experienced in real estate. Be sure you ask your lawyer how they structure their fees, and get an estimate of the other legal costs you can expect.

How your lawyer will help

There are many, many legal steps to transferring ownership of land from one person to another. Even if pitfalls like fraud, government legislation, zoning issues or unpaid taxes don't come up, your lawyer will more than earn their pay by making the legal transfer of the home a smooth one.

Don't be scared of your lawyer

He or she is here to help you. Ask questions if you don't understand anything. Explaining legal jargon in plain language is a big part of their job.

11. Close the purchase
Your offer has been accepted and you can't wait to move in. But don't break out the bubbly just yet. You have to close the deal. Your REALTOR® and lawyer will do most of the closing work, but here's your checklist.

Immediately begin satisfying any conditions of the agreement that require action on your part. Your REALTOR® can fill out the documents stating that the conditions have been satisfied.

Have your lawyer begin searching title to the property. This can take a while, so make sure you allow ample time.

Well before closing, get your homeowner's insurance to be effective on your closing date. Your insurance broker will give you a 'binder' letter certifying that you're covered. You can't get a mortgage without this letter!

Contact your lender and have them finalize your mortgage documents. Have your lawyer review them before you sign.

Your lawyer will transfer essential utilities like hydro and water, but you'll have to make sure telephone and cable companies switch their services to your name.

If you rent, give notice to your landlord or sublease your apartment.

Begin planning your big move! Where are those cardboard boxes?

Send out your change of address information and fill out a card at the post office. Contact the Ministry of Transport about changing your driver's licenses.

Walk through your new home one more time with your REALTOR®.

A day or two before closing, you'll meet with your lawyer to sign the closing documents. Your lawyer will tell you in advance what certified cheques you'll need to seal the deal.

12. Move in
Moving day will come sooner than you think, so get planning now.

'Closing date' may or may not mean moving date

It may or may not be practical to move in on the closing date. You may not get the keys to your new home until late in the day. So you may want to try and schedule the actual move for a day or so after closing. If you intend to move at the end of the month, contact a moving company or truck rental company now before they're all booked. If you can move mid-week or mid-month, a moving company might cut you a deal.

Nobody will take the same care you will. Start early and spread it out over many days. Label all your boxes by room so the movers know where to put them, and label anything that's fragile.

Do you really need to take that with you?

A new home is a new lease on life, and a chance to liberate yourself from stuff you simply don't need. If you haven't used it or worn it in the last year, you probably don't need it. Have a garage sale, or give it to charity.

Once you move in

The boxes are mostly unpacked and you're settling in nicely. You will now feel a strange urge to begin making changes and improvements right away. That old carpet has to go, a bigger deck would be great for entertaining... slow down! Take time to get a feel for your new home, and more importantly, your new budget. Take a deep breath and enjoy what you have, your new home.

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